Title insurance is a one time insurance premium that covers you against legal problems regarding claim to your property. These potential problems can be caused by mistakes and irregularities that may have occured in the past. Typically the seller purchases a policy to ensure that the title that is being transferred is clear of any liens or encumberances. The buyer purchases a policy for the lender to insure that they title will not be clouded when the time comes to sell, and that if it is the bank is not liable.
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